IBM Blockchain partners with B2B marketplace Travelport

Thursday 25 October 2018 13:27 CET | News

IBM Blockchain has announced a blockchain solution for its existing partnership with UK-based B2B travel marketplace Travelport.

The two companies are already collaborating on AI with IBM’s Watson. Together they’ve completed a proof of concept (PoC) for a blockchain solution that shares hotel content between the Travelport platform, hotels, and travel agencies. Outside of mobility, this is IBM’s first public blockchain announcement about a project in the USD 7 trillion travel sector.

UK-based Travelport’s marketplace connects travel providers with online and offline travel buyers. Last year the platform processed over USD 83 billion of travel spend and the company had net revenue of USD 2.4 billion. But it’s often not cost-effective to integrate low volume specialist excursions into travel agency systems or booking platforms. Hence Travelport plans to use blockchain to both share content about the available experiences as well as settle transactions.

While Travelport caters for all segments of the industry, including travel agents, others are targeting blockchain to reduce the number of intermediaries. Winding Tree is one of the startups and already has relationships with several major airlines, including Air France-KLM. Another popular blockchain application is loyalty and rewards. Singapore Airlines, Cathay Pacific, and Air Asia have each announced blockchain loyalty schemes.

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Keywords: IBM Blockchain, B2B payments, travel marketplace, Travelport, UK, blockchain, IBM
Countries: World